Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
World Markets fall on US gloom and global slowdown
(Guardian UK) European headwinds and yet more signs of economic gloom in the US and China panicked investors around the world on Thursday.
The Dow Jones industrial average closed down 250 points, a fall of 2%, and markets across Europe also fell. The selloff followed the release of an independent report that suggested Spain would need to borrow up to $78.78bn to solve its banking crisis.
Ratings agency Moody's was expected to start downgrading global banks on Thursday and Friday, including the UK's Barclays, Germany's Deutsche Bank and Citigroup and Goldman Sachs in the US.
......(snip)......
The news came amid signs that the German economy, the safest in Europe, is also weakening. German support has so far saved the eurozone from meltdown, but according to a closely watched report from the analyst Markit, Germany's private sector shrank for the second month running in June, with manufacturing activity hitting a three-year low. .................(more)
The complete piece is at: http://www.guardian.co.uk/business/2012/jun/21/markets-fall-gloomy-us-forecast
